Epsilon Advanced Materials signs MoU with Government of Karnataka
Epsilon Advanced Materials, a wholly owned subsidiary of Epsilon Carbon Private Limited, signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest INR 9000 crore (USD $1.1 billion) approx. to establish battery material manufacturing plants in the state, over the span of 10 years.
As part of the agreement, Epsilon Advanced Materials would set up anode material production plant. The project will generate direct and indirect employment for more than 75% of people from Karnataka. The Government of Karnataka would facilitate Epsilon Advanced Materials in obtaining necessary registrations, approvals, clearances, and incentives.
On signing the MoU with Government of Karnataka, Vikram Handa, Managing Director, Epsilon Advanced Materials said, “We are dedicated to investing in sustainable projects prioritizing clean energy like electric vehicles. By utilizing raw materials and indigenous technologies to manufacture EV battery components, we aspire to support the sustainable goal of the Government of India to achieve 7 million sales of hybrid and electric vehicles every year. We are delighted to be partnering with the Government of Karnataka on this front and look forward to building a world class facility to support Indian and Global customers with high performance battery materials”.
90% of the Lithium-ion EV batteries use graphite as the anode since it is cost efficient, has a long - life cycle and is resistant to higher operating temperatures.
The anode material production plant collaboration will help build a sustainable EV ecosystem in the state which houses 45 plus EV start-ups, 400 R&D centres and the upcoming EV cluster. Epsilon Advanced Materials will build a R&D facility to develop high performance graphite anodes enhancing durability and fast charging for EV vehicles.
More than 90% of graphite anodes are manufactured in China today and Epsilon Advanced Materials aims to support India in this Energy transition journey with this investment in Karnataka.